According to data published by the British bank Halifax, in March of this year, the UK experienced the fastest growth in residential property prices in the last 6 months.
The growth of the indicator was facilitated by the extension of the British government’s tax incentives for acquisitions during the period of overcoming the negative consequences of the crisis caused by the coronavirus pandemic.
The cost of British housing increased in March this year by 1.1% compared to the previous month, while compared to the same month in 2020, residential real estate in the country rose by 6.5%. The Halifax report showed that the average house price in the British property market rose last month to 254,606 pounds.
After the easing of restrictions to contain the pandemic last year, the British housing market saw a sharp increase in inactivity. The March recovery in the market was made possible by the Treasury’s extension of the stamp duty holiday, and Halifax experts expect the increased level of activity to continue in the future.